Friend.tech, a decentralized social platform, might have risen rapidly. However, executives claim decentralized social media applications have retention and onboarding problems to rectify.
Despite the current boom of Friend.tech, a decentralized social media application, the industry’s executives claim that more should be done. Most applications are experiencing considerable problems signing up users and making them remain on their platforms.
Decentralized Social Networks Suffer for Onboarding Unknown Party Members
According to two executives in the decentralized (DeSo) social media space, up to 99 percent of persons shifting to DeSo for the first time will ultimately quit because of awkward onboarding or the failure to know anyone.
Deso’s head of growth, Ed Moss, claimed that processing cryptocurrencies from an exchange, moving it to a wallet that has a Chrome extension, and later paying high gas fees for on-chain or across-chain transactions is quite costly and tiresome for first-time users.
Moss stated that 99 percent of mainstream users will quit in the initial step, thus the need to simplify the flow. In this case, ensuring a frictionless onboarding process is the single most critical factor.
However, Suhail Kakar, Deso app Onboard creator, claims that issues may begin before this point. Before signing up, users must acquaint themselves with smart contracts, blockchain, and wallets. As such, they avoid making the initial move.
Decentralized Networks of Unknown Parties
Getting to the immense network impacts that web2 social platforms, for instance, X, Facebook, and Instagram, possess will not be easy either. According to Kakar, DeSo applications must spend more time developing their communities since creating a presence in these applications is almost similar to a person attending a party where they do not know anybody.
Further, he is confident that the movement of leading influencers and creators on the chain could be a turning point since users will finally move to where the great-quality content moves.
According to data from April, Instagram, Facebook, and Twitter correspondingly hosted an estimated 2 billion, 2.98 billion, and 372.9 million monthly active users. In comparison, CoinGecko shows that Odysee, one of the most visited decentralized social media platforms, had an average of just 5.3 million unique users between January and April.
Failure to Build Ethereum Support Eroding Decentralized Network’s Sustainability
According to Moss, the failure to build Ethereum and other smart contract platforms to offer social media applications simultaneously is another reason behind decentralized social media’s failure to hit the masses. The most suitable solution would be to create an ‘infinite-state’ or ‘storage-heavy’ blockchain to store and index huge data amounts at the lowest cost possible.
Moss explained that a social app would need direct on-chain storage of actions such as ‘follows,’ ‘posts,’ ‘social graphs,’ and ‘follows’ to ensure total decentralization from centralized governments or corporate entities.
Moss is confident that, in its absence, end-users might never genuinely own their identity, content, or social graph.
Is Friend.tech Going to Buck Trend?
Over the past few weeks, Friend.tech, a base-enhanced social platform, has experienced robust uptake. This platform permits creators to use tokenized attention to link to their audience. In this case, shares or keys that may be made for access to select private chat rooms represent a creator’s influence.
CoinGecko shows that Friend.tech has reeled in more than 85000 users from more than 127000 wallets that have jointly sent more than 630000 requests to the network since its introduction this month. Nevertheless, other pundits in the industry are confident that the model might end up being a six-to-eight-week craze, while others believe the platform has begun losing steam.
Findings by Future Markets Insight show that sale revenues linked to decentralized social media networks are expected to reach $12.1 billion in 2023. It is also expected to exceed $101 billion by 2023, representing a 23.6% compounded yearly growth rate. Examples of other decentralized social media platforms include Mastodon, Jack Dorsey’s Bluesky, and Lens Protocol.
Editorial credit: Poetra.RH / Shutterstock.com
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